EX-12.1 5 d81326exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
Apartment Investment and Management Company
Ratios of Earnings to Fixed Charges
(in thousands)
                                         
    Year Ended December 31,  
    2010     2009     2008     2007     2006  
Earnings:
                                        
Loss from continuing operations before taxes and income or loss from equity investees
   $ (161,210 )   $ (207,727 )   $ (168,099 )   $ (63,758 )   $ (48,544 )
Fixed charges
     331,332       331,498       346,796       340,207       303,975  
Amortization of capitalized interest
     14,431       13,937       12,840       9,921       6,003  
Distributed income of equity investees
     1,231       4,893       14,619       4,239       3,578  
Capitalized interest
     (11,584 )     (10,098 )     (24,306 )     (29,036 )     (23,288 )
Preferred OP Unit distributions
     (4,964 )     (6,288 )     (7,646 )     (7,128 )     (7,153 )
 
                              
Total earnings (A)
   $ 169,235     $ 126,216     $ 174,204     $ 254,446     $ 234,571  
 
                              
 
                                        
Fixed charges:
                                        
Interest expense
   $ 312,576     $ 312,534     $ 311,448     $ 300,775     $ 270,581  
Estimate of interest within rental expense
     2,208       2,578       3,396       3,268       2,953  
Capitalized interest
     11,584       10,098       24,306       29,036       23,288  
Preferred OP Unit distributions
     4,964       6,288       7,646       7,128       7,153  
 
                              
Total fixed charges (B)
   $ 331,332     $ 331,498     $ 346,796     $ 340,207     $ 303,975  
 
                              
 
                                        
Preferred stock dividends
   $ 52,079     $ 52,215     $ 55,190     $ 63,381     $ 74,284  
Preferred stock redemption related amounts
     1,511       (1,649 )     (1,482 )     2,635       6,848  
 
                              
Total preferred stock dividends
   $ 53,590     $ 50,566     $ 53,708     $ 66,016     $ 81,132  
 
                              
Total fixed charges and preferred stock dividends (C)
   $ 384,922     $ 382,064     $ 400,504     $ 406,223     $ 385,107  
 
                              
 
                                        
Ratio of earnings to fixed charges (A divided by B) (1)
     (1 )     (1 )     (1 )     (1 )     (1 )
 
                              
Ratio of earnings to fixed charges and preferred stock dividends (A divided by C) (2)
     (2 )     (2 )     (2 )     (2 )     (2 )
 
                              
 
(1)   During the fiscal years ended December 31, 2010, 2009, 2008, 2007 and 2006, earnings were insufficient to cover fixed charges by $162.1 million, $205.3 million, $172.6 million, $85.8 million and $69.4 million, respectively.
 
(2)   During the fiscal years ended December 31, 2010, 2009, 2008, 2007 and 2006, earnings were insufficient to cover fixed charges and preferred stock dividends by $215.7 million, $255.8 million, $226.3 million, $151.8 million and $150.5 million, respectively.